XML 30 R18.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stockholders' Equity (Notes)
 9 Months Ended
Oct. 31, 2016
Equity [Abstract]  
Stockholders' Equity
STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Loss
(in millions)
October 31, 2016
 
January 31, 2016
 
October 31, 2015
Accumulated other comprehensive (loss) earnings, net of tax:
 
 
 
 
 
Foreign currency translation adjustments
$
(121.7
)
 
$
(135.3
)
 
$
(110.4
)
Unrealized gain (loss) on marketable securities
1.0

 
(1.0
)
 
1.1

Deferred hedging loss
(22.0
)
 
(26.8
)
 
(16.9
)
Net unrealized loss on benefit plans
(108.5
)
 
(115.0
)
 
(196.9
)
 
$
(251.2
)
 
$
(278.1
)
 
$
(323.1
)

Additions to and reclassifications out of accumulated other comprehensive loss are as follows:
 
Three Months Ended 
 October 31,
 
Nine Months Ended 
 October 31,
(in millions)
2016
 
2015
 
2016
 
2015
Foreign currency translation adjustments
$
(11.7
)
 
$
(5.0
)
 
$
24.3

 
$
(35.9
)
Income tax (expense) benefit
(1.8
)
 
(0.9
)
 
(10.7
)
 
1.8

Foreign currency adjustments, net of tax
(13.5
)
 
(5.9
)
 
13.6

 
(34.1
)
Unrealized (loss) gain on marketable securities
(0.2
)
 
(1.0
)
 
2.8

 
(0.8
)
Reclassification for gain included in net earnings a
—

 
0.1

 
—

 
(0.4
)
Income tax benefit (expense)
0.1

 
0.2

 
(0.9
)
 
0.4

Unrealized (loss) gain on marketable securities, net of tax
(0.1
)
 
(0.7
)
 
1.9

 
(0.8
)
Unrealized (loss) gain on hedging instruments
(17.8
)
 
(3.4
)
 
0.2

 
(8.5
)
Reclassification adjustment for loss (gain) included in net earnings b
5.4

 
(3.5
)
 
7.6

 
(9.7
)
Income tax benefit (expense)
4.8

 
2.5

 
(3.0
)
 
6.7

Unrealized (loss) gain on hedging instruments, net of tax
(7.6
)
 
(4.4
)
 
4.8

 
(11.5
)
Amortization of net loss included in net earnings c
3.7

 
7.6

 
11.0

 
22.8

Amortization of prior service credit included in net earnings c
(0.2
)
 
(0.2
)
 
(0.5
)
 
(0.5
)
Income tax expense
(1.3
)
 
(2.8
)
 
(3.9
)
 
(8.5
)
Net unrealized gain on benefit plans, net of tax
2.2

 
4.6

 
6.6

 
13.8

Total other comprehensive (loss) earnings, net of tax
$
(19.0
)
 
$
(6.4
)
 
$
26.9

 
$
(32.6
)

a 
These gains are reclassified into Interest and other expenses, net.
b 
These losses (gains) are reclassified into Cost of sales and Interest and other expenses, net (see "Note 8. Hedging Instruments" for additional details).
c 
These accumulated other comprehensive income components are included in the computation of net periodic pension costs (see "Note 12. Employee Benefit Plans" for additional details).

Stock Repurchase Program. In January 2016, the Registrant's Board of Directors approved the termination of the Company's then-existing share repurchase program, which was approved in March 2014 and had authorized the Company to repurchase up to $300.0 million of its Common Stock through open market transactions ( the "2014 Program") in favor of a new share repurchase program ("2016 Program"). The 2016 Program, which will expire on January 31, 2019, authorizes the Company to repurchase up to $500.0 million of its Common Stock through open market transactions, block trades or privately negotiated transactions. Purchases under the 2014 Program were, and purchases under the 2016 Program have been, executed under a written plan for trading securities as specified under Rule 10b5-1 promulgated under the Securities and Exchange Act of 1934, as amended, the terms of which are within the Company's discretion, subject to applicable securities laws, and are based on market conditions and the Company's liquidity needs. Approximately $313.3 million remained available for repurchase under the 2016 Program at October 31, 2016.

The Company's share repurchase activity was as follows:
 
Three Months Ended 
 October 31,
 
Nine Months Ended 
 October 31,
(in millions, except per share amounts)
2016
 
2015
 
2016
 
2015
Cost of repurchases
$
30.8

 
$
60.5

 
$
180.7

 
$
116.2

Shares repurchased and retired
0.5

 
0.8

 
2.8

 
1.4

Average cost per share
$
67.72

 
$
80.31

 
$
65.13

 
$
84.03



Cash Dividends. The Registrant's Board of Directors declared quarterly dividends of $0.45 and $0.40 per share of Common Stock in the three months ended October 31, 2016 and 2015 and $1.30 and $1.18 in the nine months ended October 31, 2016 and 2015.